RIO DE
JANEIRO, Nov. 12, 2015 /CNW/ - Petro Rio S.A. ("PetroRio" or the "Company")
(BM&FBOVESPA: PRIO3, TSX-V: PRJ) today announced that it has
filed an extended press release, Financial Statements and related
Management's Discussion and Analysis ("MD&A") for the quarter
ended September 30, 2015, which will
be available on SEDAR at www.sedar.com or on the Company's website
at www.petroriosa.com.br.
The Company will host a conference call tomorrow,
Friday November 13, 2015 at
12:00pm EST. Instructions are
available on the Company's website at www.petroriosa.com.br.
Sedar Profile # 00031536
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
About PetroRio
PetroRio is one of the
largest independent companies in the oil and gas production in
Brazil. It is the operator of the
Polvo Field, located in the Campos Basin, where it holds a 60%
participating interest. The Polvo Field has Brazil's seventh largest daily production of
barrels of oil equivalent (boe). PetroRio is the owner of "Polvo A"
fixed platform and a 3.000HP drilling rig, currently in operation
in this Field, being the platform connected to the "Polvo FPSO"
vessel, with capacity to segregate hydrocarbons and water
treatment, oil storage and offloading. Polvo Field license covers
an area of approximately 134km2, with several prospects with
potential for further explorations. In January 2015, PetroRio announced the proposed
acquisition of 80% of the Bijupira and Salema Fields located at the same basin, Campos
Basin, at a distance of approximately 80 km from the Polvo Field.
In June 2015, PetroRio announced the
proposed acquisition of the remaining 20%. The Bijupira and
Salema Fields will allow PetroRio to
triple its current production volume. The BJSA acquisition is
subject to the approval of Brazil's National Agency of Petroleum, Natural
Gas and Biofuels (ANP).
The Company´s corporate culture seeks to increase
production through the acquisition of new production assets, the
re-exploration of assets, increased operational efficiency and
reduction of production costs and corporate expenses. PetroRio's
main objective is to create value for its shareholders with growing
financial discipline and preserving its liquidity, with full
respect for safety and the environment. For further information,
please visit the Company's website: www.petroriosa.com.br.
Disclaimer
This news release contains
forward-looking statements. All statements other than statements of
historical fact contained in this news release are forward-looking
statements, including, without limitation, statements regarding our
drilling and seismic plans, operating costs, acquisitions of
equipment, expectations of finding oil, the quality of oil we
expect to produce and our other plans and objectives. Readers can
identify many of these statements by looking for words such as
"expects", "believe", "hope" and "will" and similar words or the
negative thereof. Although management believes that the
expectations represented in such forward-looking statements are
reasonable, there can be no assurance that such expectations will
prove to be correct. By their nature, forward-looking statements
require us to make assumptions and, accordingly, forward-looking
statements are subject to inherent risks and uncertainties. We
caution readers of this news release not to place undue reliance on
our forward-looking statements because a number of factors may
cause actual future circumstances, results, conditions, actions or
events to differ materially from the plans, expectations, estimates
or intentions expressed in the forward-looking statements and the
assumptions underlying the forward-looking statements.
The following risk factors could affect our
operations, as well as our ability to complete the proposed
acquisition: the contingent resource and prospective resource
evaluation reports involving a significant degree of uncertainty
and being based on projections that may not prove to be accurate;
inherent risks to the exploration and production of oil and natural
gas; limited operating history as an oil and natural gas
exploration and production company; drilling and other operational
hazards; breakdown or failure of equipment or processes; contractor
or operator errors; non-performance by third party contractors;
labor disputes, disruptions or declines in productivity; increases
in materials or labor costs; inability to attract sufficient labor;
requirements for significant capital investment and maintenance
expenses which HRT may not be able to finance; cost overruns and
delays; exposure to fluctuations in currency and commodity prices;
political and economic conditions in Namibia and Brazil; complex laws that can affect the cost,
manner or feasibility of doing business; environmental, safety and
health regulation which may become stricter in the future and lead
to an increase in liabilities and capital expenditures, including
indemnity and penalties for environmental damage; early
termination, non-renewal and other similar provisions in concession
contracts; and competition. We caution that this list of factors is
not exhaustive and that, when relying on forward-looking statements
to make decisions, investors and others should also carefully
consider other uncertainties and potential events. The
forward-looking statements herein are made based on the assumption
that our plans and operations will not be affected by such risks,
but that, if our plans and operations are affected by such risks,
the forward-looking statements may become inaccurate.
The forward-looking statements contained herein
are expressly qualified in their entirety by this cautionary
statement. The forward-looking statements included in this news
release are made as of the date of this news release. Except as
required by applicable securities laws, we do not undertake to
update such forward-looking statements.
SOURCE PetroRio